Coquest Daily Energy Report
Crude Oil Futures for February 2022 settled up $1.70 @ $83.82/bbl trading in a $2.64 range including the overnight-RBOB settled up 3.49/cpg and Heating Oil settled up 2.58/cpg. Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed a decrease of -4.6 million barrels for the week ended January 7, 2022. Gasoline inventories increased by +8.0 mil/bbl and Distillates also grew for the time frame by +2.5 mil/bbl., domestic refiners ran at 88.4% versus 89.8% during the prior week. Total domestic crude storage now stands at 413.3 mil/bbls (ex-SPR) a decrease of approximately -19.6 million barrels over the past five weeks while Gasoline inventories increased by +21.4 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased by -4.5 million barrels last week.
Natural Gas Futures for February 2022 settled down $0.008 @ $4.262/mmbtu trading in a .208 cent range including the overnight session. The Energy Information Administration’s weekly domestic Natural Gas storage report released early Thursday morning showed that Natural Gas storage decreased by 179 billion cubic feet for the week ended January 7, 2022- directly in line with the majority of analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 3.016 trillion cubic feet. The 3.016 tcf represents a decreasing deficit, now standing at -6.2% or -199 bcf versus the year over year average, while the deficit versus the five year average has turned – now standing at a +2.4% surplus or +72 billion cubic feet.
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Disclosure: The risk of loss in trading futures and/or options is substantial. Past performance is not indicative of future results. The information in this message derived from third-party sources is believed to be accurate and reliable; Coquest does not guarantee the accuracy or completeness of the information. Opinions expressed in this material are subject to change without notice. This report should not be interpreted as a request to engage in any transaction of futures, options, and/or OTC derivatives. The information contained in this material is not to be relied upon in substitution for the exercise of your independent judgment. Seek independent financial, tax, legal, and accounting advice from your own professional advisers, based upon your particular circumstances.
